The market in a minute: Large caps are in play

Oliver Pursche is the Chief Executive Officer of New York-based Bruderman
Brothers, LLC a registered broker/dealer and Bruderman Asset Management, LLC, a
registered Investment Advisor overseeing over $1 billion in client assets.He is
a member of the Harvard Business Review Advisory Council and a monthly
participant in the New York Federal Reserve Bank Business Leaders Survey. As a
frequent contributor to CNBC and Fox Business and a regular columnist for Forbes
and The Wall Street Journal’s MarketWatch, he is a recognized authority on
global affairs and investment policy. He is the author of “Immigrants: The
economic force at our door.”

The June Swoon was declared too soon, as the last week of the month erased most of the month's losses.

The downward revision of first-quarter GDP was met with relief by investors who appear to have recognized that the end of easy monetary policy and tapering of asset purchases are unlikely to occur this year. For the month of June, the S&P lost roughly 1.5%, leaving the S&P up over 11% year-to-date.

Longer-term investors could find great values in stocks that are displaying negative momentum, while traders should stick to the positive-technical-momentum group. Ease into the market and maintain long put positions, as well as 5% to 7% cash allocation.

This week’s market-moving events

Monday: ISM Manufacturing data and construction-spending figures are released at 10:00 a.m.

Tuesday: Factory orders are released at 10:00 a.m.

Wednesday: The ADP payroll report is released at 8:15 a.m., International trade data at 8:30 a.m. and ISM non-manufacturing data at 10:00 a.m. Stock and bond markets close at 1:00 p.m.

Thursday: Happy Independence Day

Friday: Jobless claims and the June employment report are released at 8:30 a.m.

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from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.